A widely followed crypto analyst says that Bitcoin (BTC) may soon lose support and fall even further.

Pseudonymous crypto trader Rekt Capital tells his 388,500 followers on the social media platform X that the loss of support has not yet been confirmed.

“BTC is losing the Range Low as support

This is not confirmed yet however

A Weekly Close below the Range Low is needed as previously price would downside wick here

Weekly Close below the Range Low would kickstart the breakdown process.”

BTC is worth $40,950 at time of writing, down 4% in the last 24 hours.

Deep diving into Ethereum (ETH) in his latest Altcoin Newsletter, the analyst wonders if the leading smart contract platform by market cap’s recent rally is almost over.

“Ethereum performed a +19% move across the entirety of its red-red range, revisiting the Range High area, pretty much completing its +22% move from Range Low to Range High, narrowly missing the top of the range by some +2%.

Is this move over?”

The analyst says ETH could drop to the range low again, and that test could potentially be volatile for Ethereum’s value.

“So if the retest is a volatile one, similar to what we saw last month, ETH could drop into the very low $2000s as per this adjusted green path.

However, if we see an even more volatile retest there, then the green macr

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Author: Daily Hodl Staff

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